Instructions: Review the following cash workpaper. What are the deficiencies in the workpaper. Your answer can be narrative or bullet point in form.

W/P No: PBC The Widget Company LLC Cash Reconciliation 12/31/2016 Prepared by_ Reviewed by_ Balance per bank statement $ 318,010.00 C Add Deposits in transit 32,090.00 Less O/S Checks, see list below (153,450.00) C Balance per books 196,650.00 Debit memo charged by bank 1,120.00** S 195,530.00 Deposit in transit: Date per Client Date per Bank 12/14 12/18 12/22 12/29 12/30 Amount 1/2 5,500.00 A 1/2 5,500.00 A 1/2 5,500.00 A 1/3 6,550.00T /4 9,000.00 T 32,050.00 A Why so long to clear? C Per bank confirmation T Traced to bank statement C Examined cancelled checks